I also posted this as a bank review for LBS. I decided this forum might be a better fit for the news. LBS customers have received multiple mailings about the changeover and hopefully will not be taken by surprise.
After a long process, the acquisition of Luther Burbank Savings by WaFd Bank* has been approved by the FDIC. According to materials I have received, the changeover will occur on 3/1/24. Current LBS customers have received a 46-page booklet that tells them what they need to know, and do, for the transition. Pay attention to the fine print.
There is still no monthly fee for "free checking," but this account will no longer yield interest. On the other hand, if you happen to have "LBS High End Checking," this will convert to WaFd's "Stellar Plus Checking" which does yield interest, but requires a monthly fee. You have to keep rather high balances in the account (or in "related deposit accounts") to avoid all fees. See page 2 of the booklet.
I had the LBS "high end checking." My balance in the account varied and I did/do not usually have enough money the account to avoid the fees under the new regime. I called LBS and they were able to convert this over the phone to the "Free Checking" option. So, I will not get the little bit of interest each month, but neither will I have to pay a monthly fee.
It is sad to see this formerly local bank become part of an outside entity.
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*Yes, there actually is a bank named WaFd. Its home base is Seattle.